About D3 Family Funds: Started 17 years ago (David's dirty dogs is how they got the D3 name). "Busted growth companies." Take ~10% stake with firms and work with management. Average investment is ~30MM. Average market cap is $300mm to $400mm. The following notes are courtesy of Kyle Mowery from GrizzlyRock Capital.

On CPX purchase: Just about doubled share count. Dave Dunlop realized the fracking techniques could also be applied to domestic and international oil bases. People thought of the company as gas-levered which created the selloff but not wholly accurate given the oil rig count.

Long term margins pressure pumping? How to think about this? Coil tubing was large business before recent growth of fracking. Queue of projects for coil tubing capacity - no downturn in coil tubing as we have seen in pressure pumping.

Natural gas storage filled up (October) before weather starts to get cold. If too early, price of gas will go down. D3 still likes LT prospect. Don't build position right away.

About D3 Family Funds: Started 17 years ago (David's dirty dogs is how they got the D3 name). "Busted growth companies." Take ~10% stake with firms and work with management. Average investment is ~30MM. Average market cap is $300mm to $400mm. The following notes are courtesy of Kyle Mowery from GrizzlyRock Capital.

On CPX purchase: Just about doubled share count. Dave Dunlop realized the fracking techniques could also be applied to domestic and international oil bases. People thought of the company as gas-levered which created the selloff but not wholly accurate given the oil rig count.

Long term margins pressure pumping? How to think about this? Coil tubing was large business before recent growth of fracking. Queue of projects for coil tubing capacity - no downturn in coil tubing as we have seen in pressure pumping.

Natural gas storage filled up (October) before weather starts to get cold. If too early, price of gas will go down. D3 still likes LT prospect. Don't build position right away.

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